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TeraWulf Stock Surges 22% After $9.5B Google-Backed AI Compute Deal With Fluidstack
The bitcoin miner turned AI infrastructure firm will co-develop a 168 MW data center in Texas, with long-term revenue locked in.
Oct 28, 2025, 2:21 p.m.
What to know:
- TeraWulf and Fluidstack inked a 25-year, $9.5 billion joint venture to build a 168 megawatt compute facility for artificial intelligence.
- Google is backing $1.3 billion of Fluidstack’s lease obligations.
- TeraWulf's stock surged 22% on the news.
Shares of TeraWulf (WULF) jumped 22% on Tuesday after the bitcoin mining firm unveiled a new $9.5 billion artificial intelligence (AI) infrastructure joint venture with cloud platform Fluidstack, deepening its push into high-performance computing (HPC).
The 25-year lease agreement, representing about $9.5 billion in contracted revenue, will see the two firms build out 168 megawatts (MW) of data center capacity at TeraWulf’s Abernathy, Texas campus. The facility will serve AI workloads, and is expected to go live in the second half of next year.
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Google (GOOG) is supporting the deal by backing $1.3 billion of Fluidstack’s long-term lease obligations, giving lenders more confidence to finance the project. TeraWulf will hold a 51% stake in the joint venture.
TeraWulf also secured the exclusive right to co-develop Fluidstack’s next 168 MW AI data center project under similar terms. With this deal, TeraWulf now has 510 MW of computing capacity under contract, and is aiming to add 250 to 500 MW annually going forward.
In a separate update, the company said it expects third quarter 2025 revenue between $48 million and $52 million, up around 84% from the same period last year. Adjusted EBITDA is projected between $15 million and $19 million, nearly triple last year’s results.
Read more: Bitcoin Miner Core Scientific Upgraded to Buy on AI Data Center Boom: H.C. Wainwright
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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